THE race to buy Newcastle hotted up yesterday as rival consortia responded to a formal bid from a Malaysian group.

The party of businessmen from Malaysia, who were shown around St James’ Park and the club’s Darsley Park training headquarters during a flying visit to Tyneside have tabled an offer.

It is understood that offer does not equate to current owner Mike Ashley’s £100million asking price and may be nearer to £80million, but that the prospective buyers are prepared to take on a working overdraft of up to £40million.

However, while the Malaysians have put themselves in the driving seat and are now favourites to launch a successful takeover, their move has prompted several of the remaining consortia to step up activity with matters reaching a head.

An America-based group has been among the front-runners for some time – and representatives are said to have visited the training ground earlier this week – while former Newcastle chairman Freddy Shepherd, the Profitable Group from Singapore and would-be investors from Oman and South Africa have been linked with the club.

Only the Profitable group have acknowledged their interest, and that before they, like all the serious contenders, signed a non-disclosure agreement preventing them from talking about the ongoing negotiations.

But there was never any formal timescale for buyers to contact investment bankers Seymour Pierce, who are handling the sale on Ashley’s behalf, and there was always the possibility that someone could make a late run to reach the head of the field.

Indeed, there were suggestions that a European investor had joined a race which seems at last to be entering the final stages.

Whether or not the Malaysians have made the decisive move will become clearer over the weekend, although until they – or indeed anyone else – signs a sales purchase agreement, the club will remain up for grabs.